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Mizuho, MUFG reorganizing in Europe over Brexit fears

TOKYO -- Japanese megabank parents Mizuho Financial Group and Mitsubishi UFJ Financial Group are reshuffling operations in Europe to hedge against possible fallout involving Britain's vote to leave the European Union.

Mizuho will augment functions at its Dutch arm and give the unit a new moniker that reflects the wider European perspective, possibly by the end of 2016. The unit operates bank branches in Austria, Spain and Belgium, among other offices, and provides typical services such as deposits and lending.

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